Billions Brown Borrowed

[Shatnerfan]

A few questions: Who did he borrrow from? How much interest do we pay? How much do we owe in total? Which countries are in credit - ie have no debts?

[JohnPPotts]

Brown certainly isn't borrowing from the IMF, though he could try to do so (the last time the British government borrowed from the IMF was Jim Callaghan in the 1970s). The government issues bonds (IOUs, effectively) on the money markets and anyone can buy them - though most are bought by banks and major financial institutions. There are also numerous small ways of the government borrowing from individuals - Premium Bonds, National Savings Accounts, even War Bonds all form part of the National Debt.

[docklands77]

Gilts, or government bonds, are issued by the Bank of England and are traded in London. You can buy them through any stockbroker. It's no different to you or I getting a loan from the bank or an overdraft facility. So, not only is the Government spending our taxpayers money, its also running up an overdraft on it - something that I don't agree with. Neither did Margaret Thatcher and she tried to repay as much Government debt as she could.